Ireland: Industrial production accelerates in August
October 5, 2018
The highly volatile Irish manufacturing industries production index accelerated markedly from the previous month, growing 8.9% in seasonally-adjusted, month-on-month terms in August, following a revised 2.5% expansion over the previous month in July (previously reported: +3.3% month-on-month). According to the Central Statistics Office (CSO), August’s print was driven by an upturn in the traditional sector, while the modern sector saw a notable slowdown. Electrical equipment grew at the fastest pace. Manufacturing and transportable goods industries also expanded at a strong rate. Wood and wood products, except furniture, however, saw the largest decline.
Industrial output rebounded in annual terms in August, growing 13.3% year-on-year contrasting a revised 4.8% contraction in July (previously reported: +5.4% year-on-year). Meanwhile, annual average growth in industrial production rose to 1.9% in August, up from 1.0% in July.
Author: Nihad Ahmed, Economist